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Osaka Gas acquires 49.5% stake in gas-fired plant in Connecticut

Osaka Gas USA Corp. acquired a 49.5% equity stake in the 785-MW CPV Towantic combined-cycle power plant in Oxford, Conn., in the ISO New England market.

The Osaka Gas Co. Ltd. subsidiary purchased a 25% ownership interest from Competitive Power Ventures Holdings LLC and a 24.5% ownership interest from Aircraft Services Corp. in two separate deals, according to a Dec. 14 news release. Terms of the two transactions were not disclosed. Aircraft Services is a unit of General Electric Co.

Competitive Power Ventures, a unit of Global Infrastructure Management Participation LLC, now holds a 26% ownership stake in the gas-fired facility, The remaining 24.5% interest is split between ULLICO Inc. and UBS Group AG.

Competitive Power Ventures said this is the fourth investment Osaka Gas has made in one of its power plants. Osaka Gas said its Japan-headquartered parent company, recently renamed Daigas Group, has targeted the U.S. energy market for growth for its international business developments.

The Federal Energy Regulatory Commission approved the transactions Dec. 13. (FERC docket EC19-16)